Home sales in the Greater Toronto Area tanked last month and prices continued to recede, the city's real estate board said Thursday, further evidence that provincial measures aimed at cooling one of the hottest housing markets in North America may be working.
The recent downturn in Toronto's real estate market, brought on after Ontario introduced measures this spring including a foreign buyers' tax, is expected to be brief, the federal housing agency said Wednesday.
The Bank of Canada's interest rate hike could prolong the cooling-off period the Toronto housing market is experiencing following the implementation of a provincial foreign buyer tax, a prominent economist said Wednesday.
Home sales in the Greater Toronto Area plunged 20.3 per cent last month compared with a year ago, according to the latest data from the country's largest real estate board, a sign that recent efforts to cool the searing market are having the desired effect.
Mayor John Tory has been outspoken on his wish list for the provincial government, asking for support for affordable housing, funds for public transit, and relief for parents paying pricey childcare costs.
Ontario's finance minister can't say whether a tax on foreign homebuyers -- the centrepiece of the Liberal government's new package of housing measures -- will have an effect on the red-hot Greater Toronto Area market.